(From left) Matrade deputy CEO Abu Bakar Yusof, Tourism, Arts and Culture Ministry senior secretary Lee Seang Hock, YAM, Tengku Sulaiman Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj, Bukit Jalil Global Acquisition 1 Ltd CEO Neil Foo, MOSTI Minister YB Chang Lih Kang, Alliance Global Partners (AGP) chief operating officer and chief risk officer Raffaele Gambardella, Nasdaq investor relations and IPO director for Asean Hiren Krishnani, and AGP’s Andrew Rosenswig at Bujau’s bell-ringing ceremony on July 17 to celebrate the successful completion of its IPO.
KUALA LUMPUR: Amidst a thriving economic landscape and robust investor sentiment, companies in South-East Asia are currently in a favourable and opportune condition for initial public offerings (IPOs) abroad.
Nasdaq investor relations and IPO director for Asean, Hiren Krishnani, noted that there has been a growing number of companies in the Asean region which prefer to go public outside of their local market.
“We believe that Nasdaq is the right place for them due to our lifecycle solutions focused on environmental, social and governance (ESG) principles and investor relations, which empower companies to imagine the modern economy,” he said in an exclusive interview with StarBiz.
He highlighted that IPO activities involving Asean companies in Nasdaq have grown from just a handful a couple of years ago to a few dozen presently.
Hiren pointed out that in the first half of this year (1H23), there have been seven companies from South-East Asia that went public on Nasdaq. Of the seven, four are Malaysian companies and the rest Singaporean.
He further emphasised that, in 1H23, Nasdaq achieved an 88% win rate from the listing of Asean companies, as opposed to listing on the New York Stock Exchange (NYSE).
(From left) Starbox Group Holdings Ltd president Danny Chooi, American Young Startup entrepreneur Louie Liu, Matrade deputy CEO Abu Bakar Yusof, Tourism, Arts and Culture Ministry senior secretary Lee Seang Hock, MOSTI Minister Chang Lih Kang, Bukit Jalil Global Acquisition 1 Ltd CEO Neil Foo, YAM Tengku Sulaiman Shah Al-Haj Ibni Almarhum Sultan Salahuddin Abdul Aziz Shah Al-Haj, Alliance Global Partners (AGP) chief operating officer and chief risk officer Raffaele Gambardella, AGP’s Andrew Rosenswig, Hollywood actor George Cheung, Nasdaq investor relations and IPO director for Asean Hiren Krishnani, and Fuse United States CEO Umeshkumar Patel.
Nasdaq's latest Asean company listing is Bukit Jalil Global Acquisition 1 Ltd (Bujau) – a Malaysian special purpose acquisition company (SPAC), which successfully listed on the Nasdaq capital market on June 28.
Bujau is now seeking to focus on mergers and acquisitions (M&A) with companies valued at close to a billion ringgit with promising growth prospects.
Bujau chief executive officer Neil Foo said the SPAC’s M&A strategy involves targeting companies with a market value of over US$200mil – showcasing high growth potential.
“We are now ready to identify business combination opportunities in both the United States and Asia.
“Through strategic mergers, share exchanges and asset acquisitions, we aim to
foster growth, innovation and value creation,” he said during Bujau’s bell-ringing ceremony on July 17 to celebrate the successful completion of its IPO.
Science, Technology and Innovation Minister Chang Lih Kang, who graced the ceremony, describes the event as a very meaningful occasion, not only for the organisers but also for Malaysians and the technology and innovation industry as a whole.
Chang expressed that Bujau’s achievement serves as a testament to Malaysia's technology companies and the supportive environment provided for entrepreneurs.
He believes that Bujau, as a SPAC with aspirations to invest in potential business ventures in Asia including Malaysia, holds immense potential in driving the growth of tech and innovative companies.
Through strategic investment or M&A, Bujau can facilitate the expansion of these companies, providing them with the necessary resources and access to global markets, Chang said.
“It is our hope that Bujau's success will not only attract more investors to Malaysia but also serve as a blueprint for other technology companies in the country,” Chang said in his speech at the ceremony.
Bujau raised about US$57.5mil through its IPO – surpassing expectations by 15% – as it officially commenced trading on the Nasdaq on June 28, 2023.
